The price money received in the show will be taxable as income u/s 115BB. It cannot be taxed as gift since the section clearly mentions that any income by way of winning from game show, an entertainment programme on television is taxable under this section.
Further, the gold medal received is not in the nature gift towards love & affection & hence, the same is also taxable u/s 115BB. As Mr. Amir said, the section clearly states income & not money.
Hence both of them are taxable u/s 115BB @ 30% flat rate.
Correct me If I am wrong..
CAclubindia
